DIRECTOR OF FINANCE WORK BLOG – POST 4.0

From my WORK BLOG…

It’s 9pm and I’m still at the KSA… I did some more work tonight on coming up with a recommendation for Monday’s Executive Board Meeting regarding the KSA DAYCARE BURSARY. The following is the text of the report and recommendation I have made to EBOD:

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Daycare Bursary…

The following information was received from the foundation office:

“The Daycare Bursary was established April 4, 2005 and is still active. $5,000 towards this award was paid on April 5, 2005. The criteria is as follows:

Kwantlen Student Association Day Care Bursary: The Kwantlen Student Association offers 10 bursaries annually to Kwantlen students, enrolled part-time or full-time studies in upgrading or university transfer courses. Criteria: Funds must be directed towards daycare related expenses. Documentation must be attached to the application form confirming a child’s registration in a daycare facility. Amount: 10 x $500. Application Deadline: Available throughout the year. Application forms are available at all Financial Awards Offices.

In 2006, the KSA administered this award on its own. It appears that they gave out amounts ranging from $250 to $500 and up. A complete listing of what was given out is not yet available.

In the 2007 budget, Council expressed a wish that:

· the day care bursary created in 2005 be continued, even though no dedicated funding currently exists for any awards or bursaries (previously $1 per student per semester had been allocated towards bursaries);

· $6,000 be allocated to a “Young Parents Bursary” (this is the line item that existed in the 2005 budget);

· the bursary be administered through Financial Awards; and

· fundraising is conducted to raise more funds for support of KSA awards & bursaries.

It is my recommendation that the KSA maintain the Day Care Bursary as setup in April 2005 but alter the amounts given so that more students can benefit to be as follows – 10 x $250; 5 x $400; 3 x $500.

BIRT the Executive Board authorize the immediate release of $6,000 to the Kwantlen University College Financial Awards office in support of the Kwantlen University College Daycare Bursary to be given out in 2007.

BIFRT the description be changed to read: “The Kwantlen Student Association offers 18 bursaries annually to Kwantlen students, enrolled part-time or full-time studies in upgrading or university transfer courses.”

BIFRT the criteria and application deadlines as set in April 2005 remain the same but that the amount given be changed from “10 x $500” to “10 x $250; 5 x $400; 3 x $500.”

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Other Awards established in 2005…

Council has allocated funding towards supporting a number of other awards that are given out in the fall. These awards were setup in September 2006 by the previous administration and the KSA is committed to funding them for five (5) years. We are in year two (2) of these awards.

I am currently reviewing the criteria of these awards to ensure they do not “clash” with any currently existing awards and will bring recommendations for any (minor) amendments and for the release of this funding to the Kwantlen Foundation to EBOD within two (2) weeks.

It is my hope that the KSA can fundraise enough money this year and in the years ahead to turn some of these newly created awards into endowed awards that will forever be on the books as awards created by the KSA, but which will require no further funding (unless the KSA wishes to add more money to any endowed fund so that more awards can be given out).

Furthermore, any additional fundraising could go towards offering more Daycare bursaries in 2007.

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Additional Notes

When I sent the above report to the Executive and Council, I added two points that the Executive should consider:

1. Perhaps EBOD should consider on Monday directing the financial awards office to ensuring that the funds are available year long (to avoid all the funds going out the door right away).

2. The KSA should see if these funds can be matched by any other group (government or Kwantlen). I’ve asked the financial awards office, but I have yet to hear back from them. Laura – perhaps you can bring this up at your next meeting with Dr. Ross – ask him if Kwantlen would match the $6,000 we are giving for this, so that the final amount available for the bursary is $12,000?

… so hopefully the Bursary is one step closer to being re-established. Prior to 2004, the KSA used to have other bursaries and it is the KSA’s hope that all bursaries will be re-established within the next year or so -this will be made very easy if funding for bursaries is restored in the upcoming referendum.

– Steve

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